Industry hails 12-month PRIIPs delay as 'victory for common sense'

1 January 2018 implementation date

The asset management industry has welcomed the European Commission's (EC) decision to delay the introduction of PRIIPs legislation to 1 January 2018, but has also called on regulators to use the extra time to address concerns over the proposed calculation of fees and charges under the directive.

Last week, the EC announced its College of Commissioners had agreed to push back the implementation of Packaged Retail and Insurance-based Investment Products (PRIIPs) rules from 31 December 2016; a move widely anticipated since the European Parliament rejected the Regulatory Technical Standards (RTS) governing PRIIPs Key Information Documents (KIDs) in August. PRIIPs delay: Breaking down the Commission's announcement In a statement, the Commission said: "While the European Commission believes the PRIIPs regulation is sufficiently clear as well as directly applicable on its own, its o...